New York to regulate crypto-currency exchanges

Tuesday, the New York State Department of Financial Services said it would be accepting and reviewing proposals and applications for New York State based virtual currency exchanges.

According to the order signed by New York’s Superintendent of Financial Services Benjamin Lawsky “Firms may immediately submit formal proposals and applications to operate virtual currency exchanges in order to help expedite the process of putting in place greater oversight for this industry.”

The Department also announced that it would propose regulatory guidance on virtual currencies “no later than the end of the second quarter.” Read the Order here.